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On this episode of theCoinGeek Weekly Livestream, John Jack Pitts talks to Kurt Wuckert Jr. aboutCOPA v Wright and its implications. It was a high-level overview of the case and what it could mean for BSV blockchain and the industry as a whole.

Who is Jack Pitts?

Pitts is a familiar face to most in the BSV blockchain ecosystem. Hes the co-founder ofSLictionaryand has appeared on many podcasts to talk about his self-learning dictionary app as well as Bitcoin, the identity ofSatoshi Nakamoto, and more.

Pitts is also a veteran stock picker with a history going back to before the Dotcom era. As such, hes seen it all before and has previously expressed his belief that crypto is one of the biggest bubbles of all time but that real utility will emerge from it in the form of BSV blockchain and all it enables.

What is COPA vs. Wright? Whats it all about?

COPA is the Crypto Open Patent Alliance. TheCOPA v Wright court caseis all about one thing: Who is the issuer of Bitcoin?

Pitts says he has been following Jack Dorsey for a long time and admires the problems he solved with Square and then Cash App. He believes Dorsey wants to upend Visa (NASDAQ: V) and Mastercard (NASDAQ: MA), and he has a good strategy for doing so, but Bitcoin is a problem since it eliminates the need for trusted third parties altogether.

Pitts says theLightning Networkis a recreation of Visa/Mastercard on Bitcoin. Dorsey knows this, and if he can run the biggest Lightning Node, he can achieve his goal and become one of the richest men on earth. This is what COPA is all aboutattempting to take away Dr. Wrights rights as the issuer of Bitcoin by proving he either isnt Satoshi Nakamoto or was only one of a larger team.

To those who say Dr. Wright is vain or is seeking attention, Pitts says the opposite is true. Everything about him suggests hed prefer to be anonymous, and it wasnt until 2019 that he actually said it was him without reservation. Wuckert agrees, saying he has seen internal emails and other documents suggestingWired/Gizmodo doxxed Dr. Wright.

Why would Dr. Wright be so nonchalant about proving he is Satoshi until now? Pitts looks back to the Wright brothers. They knew anyone could copy their plane design, so they let the world think what it wanted until they had their patents in place. There are also all the legal reasons to consider; he could have faced trouble due to theWikiLeaksandSilk Road stuff. This is all part of why he handed over the project and slipped into the background.

Whats the entanglement between COPA players? Whats the motive?

Pitts bluntly answers this: If Dr. Wright and the original Bitcoin win, then everything else loses. There arent 75 metals used as money, and there will only be one global money that comes out of the digital currency industry.Bitcoin, which is backed by computation and data, will win, Pitts believes.

Why are Dorsey, Zuckerberg, and other big players from Web 2.0 involved? Theyre afraid to lose control. Coinbase (NASDAQ: COIN) is involved because it wont have anything to trade if Bitcoin swallows everything up. All of these players fear the issuer rights Dr. Wright has, such as control of the Bitcoin name and database. Issuers also have certain rights, like ensuring theres an alert key in the system and stolen coins can be recovered.

Youre either team Satoshi or team Zuckerberg, Wuckert says, summarizing the issue nicely.

Aside from all of this, theres also some political ideology involved. Anarchists think patents are BS and that the creators of intellectual property have no rights over it. However, thats not fair, and Pitts gives the example of someone working hard for a decade to create a cure for bone cancersurely they should benefit from it, such as by having the multi-year head-start that patents provide. Information is valuable, and we should have the right to protect it.

Can COPA drop the case if they realize they cant prove Dr. Wright isnt Satoshi?

They can, but if they lose, Dr. Wright will have the issuer rights they fear. Pitts reiterates his stance that this case isnt about changing public opinion, and it likely wont do so even if Dr. Wright wins.

However, if he does win, he can do many things, like telling Coinbase to stop using the name Bitcoin and/or charging a licensing fee for the database.

Due to this, theyre not likely to stop the case as its exactly these rights they seek to stop Dr. Wright from having. Painting him as a fraud will also make it harder to enforce hismany patents. If they can prove he either isnt Satoshi or is only part of the team, he wont have the issuer rights, and so theyre likely to push as hard for that as they can.

What if Dr. Wright loses? What does it mean for us?

Pitts is confident hes going to win. He points to new evidence that has come to light, including old hard drives with early copies of thewhite paperand Bitcoin code pre-dating its release. Theres probably other evidence on there, too, but well have to wait and see.

If the new disk hasnt been opened other than for forensics, then COPAs team is going to have a hard time. This, along with Dr. Wrights other evidence, makes it difficult for him to lose.

However, Pitts points out that anything can happen in court, and a loss for Dr. Wright would be a problem. Money for BSV blockchain projects, which is already tight, will dry up even more. We can only hope he wins.

Why is Big Tech so threatened by Bitcoin?

Pitts answers thatElon Musksaid it best: Why shouldnt you be able to post on social media and earn money instantly? As things stand, Zuckerberg and friends own the data and take the lions share of the revenue. Bitcoin flips the economics in favor of creators. For example, at SLictionary, the creators get 70%. This is an obvious threat to companies like Meta and their huge profits.

Is Gary Gensler stopping a Bitcoin ETF because of COPA v Wright?

Pitts doesnt think so. He puts it down to the rampant fraud and price manipulation in the industry. He doesnt think any SEC Chairperson would approve one until Binance, Bitfinex, Tether, and other rogue actors in the industry are gone. We need market-driven prices before theres any chance the SEC will approve a Bitcoin ETF.

To hear more about Dr. Wright stomping the hard drive with his Bitcoin keys, Satoshi Nakamotos return to X, establishing his identity the proper way, and more, tune in to the CoinGeek Weekly Livestream episodevia this link.

CoinGeek Conversations with Ian Grigg: How I learnt the full story of Satoshi Nakamoto

New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.

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SLictionary's Jack Pitts talks COPA vs Wright on CoinGeek Weekly ... - CoinGeek